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Economics and taxation in the digital economy

As businesses transact without being physically present, countries have found it difficult to tax the income earned by foreign corporations in their territories.

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It is important to tweak Singapore's tax regime and incentives in response to the latest changes to the global taxation frameworks, but changes are unlikely until the measures are clearer and the implications to Singapore can be determined.

TECHNOLOGICAL advancements have dramatically changed global trade of goods and services, placing immense pressure on internationally-accepted principles governing the taxation of cross-border business income.

Today, businesses can transact without being physically present in a market;...